UK: The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015

The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 were made last week and come into force on 6 April 2015: see here or here (pdf). The purpose of the Regulations is to update and consolidate existing legislation on the content and presentation of company accounts, making amendments to Part 15 (Accounts and reports) of the Companies Act 2006 and other legislation, and in doing so implement Chapters 1-9 of Directive 2013/34/EU.

The Regulations will, for example, permit small companies to prepare an abridged balance sheet and abridged profit and loss account; they also remove the requirement for micro-entity companies (as defined by sections 384A and 384B of the Companies Act 2006) to prepare a Directors’ Report. Further information is available in the accompanying explanatory memorandum (here, pdf), impact assessment (here, pdf) and transposition note (here, pdf).

UK: FCA consults on proposed changes to the Listing Rules

The Financial Conduct Authority has published a consultation paper setting out consequential changes to the Listing Rules resulting from the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 and Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013: see here (pdf).

UK: The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013

A draft of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 was published yesterday: see here (pdf). The Regulations make amendments to existing legislation, including the Companies Act 2006, in order to implement the new narrative reporting regime for companies (including the preparation of a strategic report). The Regulations come into force on 1 October 2013.

UK: The Greenhouse Gas Emissions (Directors’ Reports) Regulations 2013

The Government has published for consultation a draft of the Greenhouse Gas Emissions (Directors’ Reports) Regulations 2013: see here (pdf). The Regulations will require quoted companies (as defined by section 385(2) of the Companies Act 2006) to report on their greenhouse gas emissions in the directors' report.

A consultation paper accompanies the draft Regulations: see here (pdf). The paper seeks views on various matters including, for example, the date on which companies should be required to begin reporting on greenhouse gas emissions: for reporting years ending after 6 April 2013 or at the same time as the Government's proposed new narrative reporting framework takes effect (reporting years ending after 1 October 2013). The paper also explains, in the light of the likely changes to the narrative reporting framework, that the reference in the Regulations to the directors' report may well be amended.

UK: separate corporate governance statements and the Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009

A draft copy of the Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009 has been published on the OPSI website. The Regulations will, inter alia, insert new sections into the Companies Act 2006 with regard to corporate governance statements which are not included as part of the directors' report (so-called separate corporate governance statements). These new sections will require the filing of the separate corporate governance statement with the registrar of companies and they also set out the auditor's obligations with regard to the statement. Update (16 February 2009): an explanatory memorandum has been published on OPSI - see here. 

UK: the Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009

The Department for Business, Enterprise and Regulatory Reform has published a draft of the Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009. In the accompanying consultation paper, BERR explains that the Regulations are required to implement the requirements of Directive 2006/46/EC in respect of corporate governance statements which are published separately from the directors' report. 

The Regulations deal with the publication and auditing of such corporate governance statements. They also make changes to Part 15 (Accounts and Reports) of the Companies Act (2006) in order to correct several minor errors.